06/02/2023 | Press release | Distributed by Public on 06/02/2023 09:59
2 June 2023
An Post's Money Manager, the FREE smart budgeting tool is now available to everyone in Ireland
Two new studies commissioned by An Post Money in January and May 2023 show the psychological impact the spiralling cost-of-living crisis is having on the public. Financial planning for the future has taken a back seat with a sharp focus instead being placed on managing escalating day-to-day living expenses.
In support, An Post Money has launched a number of initiatives to help put financial power and control back into the hands of the public. An Post Money announced that its Money Manager smart budgeting tool is now available for FREE to everyone in Ireland, not just An Post Money customers. The Money Manager budgeting tool allows users to securely link their current accounts and credit cards in one place so they can track their spending in real time. Spending and budget alerts show users when they are approaching their personally-set limits enabling consumers to adjust their spending accordingly, while useful insights, like unusual transaction patters, and insights including splitting spending into various categories so money can be mapped and tracked on an ongoing basis. Existing customers An Post Money customers can use their ten-digit User ID to access the app once downloaded. New customers who wish to use Money Manager should download the An Post Money app today on the App Store or Google Play and link their accounts.
In collaboration with leading financial advisor Paul Merriman, An Post Money offers practical financial advice and guidance to support the public with their biggest financial concerns and giving control over finances. The new An Post Money Digital Hub at www.anpost.com/moneyhub provides videos, blogs and advice on how best to manage key financial matters. Blog themes range from tackling utility bills, managing mortgage/rent payments and grocery shopping efficiencies to getting off the debt ladder, claiming important expenses, protecting incomes with insurance, and purchasing big ticket items. An Post Money has also selected five households to receive free financial guidance from Paul Merriman over six months (March to September 2023) in achieving their financial goals while teaching them about the importance of financial planning. Each will share video details of their personal journeys such as saving for a first home deposit and getting mortgage ready, starting a pension, building an emergency savings fund, or working towards a specific financial goal, inspiring the nation to get on board and take back control of their finances. Follow the progress of the five participants and avail of free financial tips, information and advice from Paul Merriman, putting financial power back in their hands through www.anpost.com/moneyhub
Speaking at the launch of the initiative Paul Merriman said
'The research findings are stark yet unsurprising and prove that An Post Money Manager is exactly what people need right now. As the purse strings tighten at home, attention turns to managing the day to day and making sure we keep the lights on and put food on the table. However, I am concerned to see so many putting their long-term financial plans on the back burner because, what might seem like a low priority now will quickly become a big priority in five or ten years and this is something we are going to address over the coming weeks and months.
"I've had the pleasure of meeting our five participants and the great thing is that each of their stories is relatable for so many. While we can't sit down with the entire country, we hope that people across Ireland will be able to find similarities between their situations and those of our participants and take the actionable tips and advice and apply these to their own circumstances'.
Debbie Byrne, Managing Director of An Post Retail said
"We are steadfast in our commitment to offering An Post Money customers a better digital banking experience to manage their everyday banking needs, enabling them to take control of their finances and build better financial habits. I am delighted to announce that our Money Manager smart budgeting tool is now available for free regardless of who you bank with, not just An Post Money customers. Money Manager allows users to securely link their current accounts and credit cards all in one place. They can track their spending in real time and set up spending and budget alerts to help them stay on track, while giving them a deeper understanding of their financial behaviour over time. This new offering demonstrates our commitment to financial empowerment, helping consumers to make the most of their money, particularly as they try to navigate the rising cost of living. We are also delighted to partner with Paul Merriman to offer consumers hands-on advice and real-life financial tips".
Research Results
The research reveals a sense of a lack of control as people in Ireland try to keep afloat in the short-term but are stressed over their inability to prepare for their own future and the future of their children. Unexpected outgoings such as medical bills and motor or household item repairs are also an increasing cause of anxiety. The study shows how concerns have risen between January and May 2023 with no sign of receding. Financial anxiety has increased significantly across several areas with concerns around grocery bills seeing the largest rise as the area consumers are most concerned about. Home energy remains the top financial concern facing Irish people despite energy credits and moving out of the winter period. Accommodation costs remains a key challenge facing the country with a surge in those worried about their rent and mortgages, while renters are finding it harder to get on the property ladder. Against this backdrop, there is frustration amongst some that incomes are not rising at the same rate as inflation, while others are concerned about how far their current or future pension will go if inflationary trends continue.